TRANSITION TALK

The last few years I’ve been unable to attend the FPA annual conference due to personal commitments. It was great to be back on site for this year’s event in Chicago.

The Future of the Industry

As an Official Sponsor of the Next Generation, we are tapped into what young advisors are doing, hearing, and saying. It’s an energizing group to be around—the future advisors I met in Chicago view financial planning as a calling as well as a rewarding career. It does strike me as a bit ironic that the “NexGen” community stops at 37 years old, when the average age of a graduate in a financial planning program (as shared during a conversation with university staff) is 41. I suspect these more seasoned career changers will have an easier time making their way into the industry, but it’s important to incorporate the youngest professionals into existing businesses, as they will impact the industry for decades, if they don’t get discouraged. This new generation of advisors are more dynamic and driven than they’re often given credit for, and these savvy younger professionals will continue pushing the status quo to create opportunities for themselves.

Brown, Caleb. Successful Hiring for Financial Planners: The Human Capital Advantage. Coventry House Publishing, 2018.

Many small financial advisory firms don’t have a Human Resources Department. So when it comes time to seek out, hire, train, and develop employees, those tasks usually fall to the owner. They must figure out where to find candidates, what to ask in an interview, how much to pay, how to set up a training plan, and how to keep them engaged and motivated. That research takes valuable time away from the owner’s other obligations and productivity.

Working at a financial services firm can be a rewarding choice for the next generation of advisors. You can have real impact in people’s lives as you help clients set their financial goals and see them succeed over time. It is an environment where there is constant change and continued opportunities for learning. And, the financial services industry offers a lot of choice in terms of specialization, type of firm and location. It is important to find the right company and team to work with to put your career on the right path.

During a job interview with a potential firm you will have the opportunity to ask your own questions about the business and the team. Asking the right questions shows you are intelligent and engaged, in addition to providing you with critical information to help you make the right choice for your career.

You will, of course, have questions to ask specific to your own goals and concerns, but here are three relevant to every advisor's career that should be on your list: